All Forum Posts by: Lelith Walker

Being that you have a partner then I would definitely get a lawyer to assist you in setting up and forming the LLC

Being a landlord can be stressful at times especially when you are new- not knowing how to choose tenants, treat tenants, hiring lousy contractors, etc.  Once you get the hang of it and develop better relationships, it can be easier for some, like me. Patience and diplomacy are necessary.

@Jay

Consult an investor friendly accountant/financial advisor that can tell you how to best use the money. The local library in my area has free financial advisors.  Go to your local reia and meetup groups then speak to as many as you can.  Some may be looking for a partner.

There are builders that are looking for investors that pay 8-12% interest on 10th so while you are looking you can be making money on that. 

I would tell him No.   If they are stressing you out during application then they will stress you out when they move in.  Peace of mind is important. I need to sleep comfortable at night.  Besides in my state I can deny someone based on credit and not being able to prove proof of employment.  If its a 4 family or under and we live in one of the units we can deny someone that we do not think we will get along with.  Check your states laws.

The adage goes that if it does not make money it does not make sense/cents.  While this is the first thing you should check also consider your peace of mind.   Do you have the aptitude or attitude to be a landlord or homeowner?  Will you be able to sleep at night?  If the answer to that is no you may want to reconsider. 

I use http://www.myrental.com

My cousin is moving out of Orange cty because they went up on the taxes to $10000 a year.  The people who I know moved or invested in Philly made more than the ones that I know who went to Philly. It has and is still going through a lot of transformation.  Population has grown.  They have ample transportation, colleges, and jobs.  When it comes to appreciation I believe upstate NY and Philly will surpass Bridgeport CT percentage wise. 

Texas is growing in jobs, population, and transportation. However some parts pay high taxes. Pheonix I heard is turning around. St. Louis was comming up and has nice parts but with the recent riots certain parts of the city might not be too desirable at the moment. Nebraska don't know anything about. There are at least 19 real estate strategies. I think its about applying the right strategy to the market you want and one that you are comfortable in using. Next time you visit family take 2-3 hours and go to the local REIA in those cities and network with the locals experts you meet there. Go to sites like http://www.greatschools.com, http://www.crimemapping.com, http://www.uscensusbeauru, http://www.cityrating.com

I use http://www.myrental.com/products

They have different prices depending on what you want.

I call landlords myself.  I prefer the one before the last landlord for a better reading.  I also call the job and try to speak with the people there.

Also try these you'll have to pay for some

http://neighborworks.org/Training-Services/Trainin...

poke around this site

http://education-portal.com/articles/List_of_Free_Online_Real_Estate_Education_Programs_and_Courses.html